The pair has been escalating since the 21st of July, 2015, and resumes doing so, from as low as 2.0094, to as high as 2.0381 the current market price.
The sellers are expected at some point to retrace the pair once again to the downside, provided though that the buyers are unable to lead the price above 2.0381.
In the scenario where a bearish channel prevails, the bears will likely force the price below 2.0313 and set their take profit targets at 2.0204 and 2.0094 respectively.
Alternatively, in the event where the bulls resume their upside pressures, the pair could escalate even higher to 2.0458 provided that there is a break above 2.0381.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.